New Issue: Morgan Stanley prices $3.5 million notes linked to 10 homebuilders

New York, May 27 - Morgan Stanley priced $3.5 million of 15-month notes in the Plus (Performance Leveraged Upside Securities) structure linked to the stocks of 10 homebuilders, according to a 424B3 filed with the Securities and Exchange Commission.

Morgan Stanley was agent for the deal.

Issuer:	Morgan Stanley
Issue:	Plus (Performance Leveraged Upside Securities) senior medium-term notes
Underlying stocks:	Beazer Homes USA, Inc., Centex Corp., D.R. Horton, Inc., Hovnanian Enterprises, Inc., KB Home, Lennar Corp., M.D.C. Holdings, Inc., Pulte Homes, Inc., Ryland Group, Inc. and Standard Pacific Corp. (equally weighted)
Amount:	$3.5 million
Maturity:	Aug. 30, 2006
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Double increase in value of stocks, capped at 22% gain, full exposure to any decrease
Agent:	Morgan Stanley
Pricing date:	May 23
Settlement date:	May 26

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